Icap's EBS BrokerTec Inks Deal With China's CFETS
The company will open an office and development center in China as part of the deal.
Icap's EBS BrokerTec will provide CFETS, China's official inter-bank market trading platform and infrastructure provider, with the underlying technology for its fixed income and foreign exchange services. The deal runs for a three-year period and will see EBS BrokerTec opening an office and a development center in Shanghai.
"China is an extremely important financial market and we are honored that our long-term partner, CFETS, has asked us to collaborate with them to build a significant platform which will play a key role in the future of the renminbi," said Icap Group chief executive officer Michael Spencer in a statement.
CFETS has planned to upgrade its trading system for a number of years, according to ICAP's statement, and chose BrokerTec after a lengthy search. BrokerTec's suite of solutions for the trading platform includes a localized graphic user interface (GUI) designed specifically for CFETS.
This is not the first time CFETS and Icap have worked together. Both firms already have a joint venture called CFETS Icap, which provides broking and information services in the onshore and offshore interbank foreign exchange, money market, bond and derivatives markets. The joint venture is almost 10 years old. Icap said the new partnership with CFETS "is the next chapter in a long-established and successful relationship and allows EBS BrokerTec to accelerate its product development."
Icap recently announced it will be changing its name to NEX Group one day after its deal with Tullet Prebon is completed, which expected to occur before the end of the year. The company sold its voice-broking and information service businesses ─ including the rights to use the Icap name ─ to Tullet Prebon in November 2015. EBS BrokerTec is one of the brands moving to the NEX Group once the name change is complete.
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